Russia Ukraine War: Russian Oil is banned due to the Russia Ukraine War. If the United States has already imposed sanctions, then the European Union will not buy crude oil from Russia from the end of this year, so India has got a big opportunity to buy crude oil at cheap prices. Is. India is going to double crude oil imports from Russia after the long drag of war between Russia and Ukraine and restrictions by European countries on Russia. In fact, if big companies of other countries are refraining from making any deal with Russian oil companies, then India wants to take advantage of the opportunity. India is considering importing cheap and heavily discounted crude oil from Russia’s largest oil company Rosneft (Rosneft PJSC).
Preparing to buy crude oil at cheap prices
State-owned oil companies are in the process of getting crude oil supply contracts from the Russian oil company for the next 6 months. A deal is being discussed with Rosneft PJSC on a delivery basis in which the oil seller will bear the shipping and insurance expenses while bringing the cargo to India. India has already imported crude oil from war Russia at cheap prices. Now preparations are going on for the new deal.
India China is buying cheaper oil than Russia
All three government companies and private companies of India are importing crude oil from Russia these days at cheap prices. After the US, UK and Europe imposed sanctions against buying Russian oil, the oil companies of these countries stopped importing, so the crude oil coming out of Russia is now being supplied to India and China. On the other hand, government and private refining companies of the country are benefiting tremendously by buying crude oil from Russia at a low price. On the one hand, they are selling petrol and diesel in the domestic market at a higher price, and they are also exporting petrol diesel, which is making huge profits for them.
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